Eni named operator of Uruguay OFF-5 and agrees 40% stake in OFF-6
- Signed entry agreement for OFF-5 with MIWEN (YPF subsidiary) and state company ANCAP after Uruguayan approval.
- Eni is operator of OFF-5 with a 50% interest; MIWEN holds the remaining 50%.
- OFF-5 is in its first exploration period and studies are under way to mature the area's hydrocarbon potential.
- Reached agreement to acquire a 40% interest in the adjacent OFF-6 block, which is operated by APA Corporation.
Transaction and partners
Eni signed the official agreement, together with MIWEN (a wholly owned subsidiary of YPF) and ANCAP, for entry into the offshore OFF-5 exploration block following approval by Uruguayan authorities.
Block stake and exploration status
Eni will operate OFF-5 with a 50% interest while MIWEN holds the remaining 50%. The block is currently in its first exploration period and studies are underway to mature its hydrocarbon potential.
Technology and value creation
Eni said it will apply its proprietary technologies to accelerate and maximise the value of the exploration activities in OFF-5.
Regional positioning and adjacent deal
The entry strengthens Eni's collaboration with YPF—partners in the integrated upstream-midstream Argentina LNG project—and increases Eni's presence in South America. Separately, Eni has reached an agreement to acquire a 40% interest in the adjacent OFF-6 block, operated by APA Corporation.
Source: Eni